Shaikan PF-1 (GKP)
Kurdistan starts to deliver on oil promise
Gulf Keystone looks to a ‘transformational’ 2026, with the oil producer upbeat for the region should all the vested interests keep their eyes on the prize
After more than two-and-a-half years of halted exports, the Kurdistan Region of Iraq (KRI) entered late 2025 with pipeline flows to Ceyhan reinstated under an interim tripartite framework between Baghdad, Erbil and the IOCs. That restart—initially ramping in the 180,000–208,000b/d range via the Iraq–Turkey Pipeline (ITP)—has reset expectations for 2026. Cautious optimism now pervades the outlook: exports have restarted, a federal–regional fee framework is in place, and SOMO state marketing is functioning and selling crude internationally—albeit below prior volumes and under interim terms but achieving international pricing for the crude quality. “We are excited about a potentially tran
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The GECF has warned it may revise its projections for demand this year downwards in light of conflict in the Middle East, although it maintains its forecasts for 2027 and onwards
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Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower
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Turkmenistan is moving ahead with a modest expansion of the giant Galkynysh field to sustain gas deliveries abroad, but persistent delays to other key pipeline projects and geopolitical risks continue to constrain its export ambitions
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Expensive electricity has forced out swathes of energy-intensive industry and now threatens the country’s ability to attract future investment in datacentres and the digital economy
